The Dow Jones industry average (DJINDICES: ^ DJI) strengthened on Tuesday, although it underperformed other major stock indices. A new, more than $ 900 billion, COVID-19 incentive bill has been unveiled by a bipartisan legislative group, which may increase the chances of incentive legislation being passed before the Biden government begins in January. The Dow rose about 0.93% at 2 p.m. EST.
Apple (NASDAQ: AAPL) led the Dow higher on Tuesday, surpassing it by more than 3% despite only minor news for developers about cloud-based access to Macs. Meanwhile, the Salesforce.com (NYSE: CRM) a few hours before the software company had to report quarterly results and potentially Loose (NYSE: WORK).
Apple stock jumps
There was only minor news about Apple technology giant on Tuesday, but the stock was Dow’s best performance nonetheless. The wall Street Journal reported that Apple and the cloud computing giant Amazon teamed up to allow developers to leverage the Amazon cloud to develop applications for Apple devices.
Amazon will install the Mac Mini in Amazon Web Services data centers so customers will be able to use the hardware remotely to develop, test, and run their software. Developing applications for Apple products requires Apple hardware, so the service frees developers from buying and maintaining Macs.
Amazon will be installing older versions of the Apple Mac Mini for the first time, but the company will update the hardware as Apple releases new products. Apple launched a new version of the Mac Mini, powered by the unique M1 processor, in November – the first Mac to use an ARM-based CPU.
This service comes when Apple is under fire over its policies and fees related to the company’s App Store. The company is in a legal battle with its underlying gaming company, Epic Games Fortnite, and may face antitrust action in the United States aimed at strict control of application distribution and payments on platforms.
Apple shares rose about 3.5% on Tuesday afternoon. The stock has risen roughly 68% so far this year.
Salesforce.com is ahead of the revenue report
Salesforce software vendor Salesforce is scheduled to report third-quarter results after the market closes on Tuesday. The rumors suggest that the company will announce the success of the collaboration software provider Slack, in addition to announcing the results.
Analysts expect Salesforce to report third-quarter revenue of $ 5.25 billion, up 16.3% from a year earlier. Adjusted earnings per share are not expected to change from the third quarter last year, at $ 0.75.
The big news, though, will be whether Salesforce is going through the acquisition of the gossipy Slack. The price tag could exceed Slack’s current market capitalization of roughly $ 24 billion, making the deal one of the largest software acquisitions in history. The acquisition of Slack will deepen Salesforce’s competition with Microsoft, which combines Slack Alternative teams with business Office subscription plans.
Shares of Salesforce fell about 1.5% on Tuesday afternoon, while shares of Slack rose about 2.1%. Salesforce’s stock jumped nearly 50% this year, while Slack nearly doubled. However, Slack’s almost total profit over the past month has been achieved.